SBC News Voice of the Sports Betting Industry
Groupe Française des Jeux (Groupe FDJ) has announced that it has received regulatory approval by Finansinspektionen, Sweden’s Financial Supervisory Authority, to proceed with its offer to acquire Kindred Group Plc.
The Paris Euronext gambling group secures its Swedish market’s financial authorisation to formally launch its SEK 130 (€11.40) per share offer to acquire Stockholm-listed Kindred Group, a deal announced on 22 January.
Finansinspektionen’s approval grants FDJ a 39-week period as of 20 February to complete its all-cash buyout of Kindred Group, putting forward a deal valued at approximately €2.6bn.
Dealmakers informed that “the completion of the tender offer remains subject to regulatory authorisations and FDJ’s acquisition of at least 90% of Kindred’s capital.”
As previously reported, FDJ’s approach has been “unanimously recommended by Kindred’s Board of Directors” and is favoured by “five key shareholders holding a combined 27.9% of the capital irrevocably support FDJ’s deal and terms”.
Kindred investors were informed that an Extraordinary General Meeting (EGM) will be hosted on 15 March, to settle on a “change to the Articles of Association to allow for the implementation of a squeeze-out procedure in the event that FDJ acquires at least 90% of Kindred’s capital”.
The board of FDJ has reserved a nine-month period to complete all regulatory authorisations needed to acquire Kindred Group.
Last week, FDJ published its full-year 2023 results, which saw Group CEO and President Stéphane Pallez underlined the French lottery and gaming group’s commitment to “forming a new European gambling champion, generating 100% of revenues from regulated markets.”
